A Thai group extended its offer deadline for Fraser and Neave to Dec 11 and kept its bid unchanged at $8.88 per share after a counterbid for the Singapore property and drinks firm from a consortium led by Overseas Union Enterprise.
Thai billionaire Charoen Sirivadhanabhakdi, through TCC Assets and Thai Beverage PCL, made a $8.8 billion bid in September to buy shares of F&N that he did not already own, valuing the Singapore firm around $12.8 billion.
Last week, a consortium led by Singapore-listed property firm Overseas Union launched a$13.1 billion counter-offer for F&N. That bid at $9.08 per share is 2.25% higher than the Thai offer of $8.88.
The Thai group has a 33.6% stake in F&N and can acquire another 2.8% from shareholders who accepted its offer. The offer is conditional on the group obtaining majority control.
Kirin Holdings Co, F&N’s second-biggest shareholder with a stake of around 14.8%, has given its conditional support to the OUE group. The Japanese brewer will offer to buy F&N's food and beverage business for $2.7 billion if the OUE group’s bid is successful.
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